Protocol VC LLC

Protocol VC LLC provides investment advisory services primarily to privately offered pooled investment vehicles — currently the PL Capital Crypto Fund I LP accessed through the PL Capital Crypto Onshore Fund I LP feeder — and to sophisticated investors through managed accounts. Its Form ADV reports roughly $350 million in regulatory assets under management, with the majority held in non‑discretionary arrangements.

The firm applies an institutional portfolio-construction and risk‑management framework to venture-capital–style investments focused on Digital Assets and blockchain-related companies, seeking opportunities across the venture lifecycle and providing analysis on private investments for Managed Accounts. Protocol VC manages its Funds on a discretionary basis while many Managed Accounts are non‑discretionary; Managed Account clients retain custody choices (e.g., Gemini, Anchorage, Coinbase, Oppenheimer) and may accept or reject the firm’s recommendations.

Compared with peers, Protocol VC is notable for reporting most assets as non‑discretionary and for explicitly including corporate and business clients among its investor base, and the ADV discloses arrangements such as temporary warehousing of investments and a borrowing arrangement with a direct advisory client. The firm also operates a Cayman master fund with an onshore Delaware feeder and discusses direct custody and self‑custody of private keys as part of its custodial approach, reflecting the operational complexities of Digital Asset investing.